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What is Meagen's opportunity cost for producing 1 pie and 1 loaf of bread? b. What is Jim's opportunity cost for producing 1 pie and 1 loaf of bread? c. Who has the comparative advantage in the production of each good?
Under current law, most Social Security recipients do not pay federal or state income taxes on their Social Security benefits. Suppose the government proposes to tax these benefits at the same rate as other types of income.
If there is market for an indivisible item in which there is for each of the following numbers exactly one supplier whose cost of producing the item are equal to this number:
A. If fixed costs are equal to $1,000, derive the firm's total cost function and marginal cost function.C(q) = fixed costs + variable costB. Derive a total revenue function and marginal revenue function for the firm.C. Calculate the profit maximizing..
Suppose the demand for a product is given by P = 60 - 2Q. The supply is given by P = 10 + 3Q. If a $10 per unit excise tax is levied on the buyers of a good, what will be the deadweight loss created by this tax.
In answering questions 1-10, use the following information about the economy of Margaritaville. Margaritaville's production function per effective worker is given by the following expression y = k0.5, where y = Y/(E×L) and k = K/(E×L). Y is real outp..
Calculate the present value of the costs and the present value of the benefits of each career path assuming an interest rate of 3% and then again at an interest rate of 10%. Which of the career paths should she pursue under each interest rate?
As a result of the increase in income, Mei decides to spend eight evenings at Zanzibar and eat at the Chinese restaurant four times. What kind of a good is Chinese food? What kind of a good is a night at Zanzibar?
To increase marginal utility, you should decrease consumption (everything else held constant). This statement is correct, even though it sounds strange. Describe why. What is the purpose of the two fields of study behavioural economics and neuro econ..
what is the current macroeconomic situation in the u.s. e.g. is the u.s. economy currently concerned about unemployment
How does an increase in disposable income affect the consumption function? How does an increase in expected future income affect the consumption function?
for the production schedule of a perfectly competitive firm given below answer the following units of labor total
A car dealership is considering lowering the price of its min vans to promote sales. However, it worries that this will reduce sales of it station wagon autos. It finds the cross product of demand to be 1.5. Are its concerns legitimate? Explain.
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